Perth’s top school catchments prove a property buyer drawcard
Western Australia’s capital is seeing an influx of migrants lured in by good public school catchments – and certain suburbs are seeing the most benefit, according to a local buyer’s agent.
Peter Gavalas, a buyer’s agent at Resolve Property Solutions, said the trend that sees migrants citing good schools as a reason for relocation into particular areas has become more pronounced in recent times as the state has seen population growth outpacing the national average.
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He leaned on the Australian Bureau of Statistics (ABS) data which showed Western Australia’s population rose by 2.3 per cent over the 2022 calendar year, outstripping the national average growth of 1.9 per cent.
Mr Gavalas said migrants have been drawn to Perth due to its “vibrant economy, low unemployment rate and high salaries”.
ABS data also backs up his salary remark, with recent data showcasing that full-time workers in Western Australia are among Australia’s highest paid, at $2,039.30 per week.
Now, Mr Gavalas is seeing the trend pull through to location decision-making, noting that Perth’s best public schools “have long been recognised for their quality education”.
“As more international migrants are drawn to the city, demand for homes in these coveted school catchment zones is soaring,” he said.
“Families are willing to pay a premium for access to a good education, and this is driving prices up.”
Pointing to data contained within Domain’s most recent house price report, house prices near Sorrento Primary School and Winthrop Primary School experienced “remarkable” year-on-year increases, having 23.2 per cent to June 2023.
It was a similar story for suburbs near secondary schools – Carine (14.9 per cent), Safety Bay (13.3 per cent) and Ocean Reef (8.9 per cent) have also achieved solid growth in just 12 months.
Mr Gavalas noted that rising demand and competition aren’t the only factors influencing price gains over the last year.
He also suggested that “historically low stock levels in these suburbs are further intensifying the market dynamics”.
SQM Research analysis found just 41 properties available for sale in Winthrop over August, a decrease of 33.9 per cent year-on-year.
Over in Safety Bay, stock on market is down 36 per cent, while Ocean Reef listings have declined by 29.2 per cent.
All in all, it led Mr Gavalas to state: “The competition for properties in good school catchment areas in Perth is fierce.”
“Buyers are not only willing to pay a premium for these homes, but are also acting swiftly to secure them. Low supply levels are exacerbating this situation, and it’s becoming increasingly challenging for buyers to find properties in these high-demand areas,” he concluded.